Guidelines Promulgated on Increasing Financial Support in New Consumption Fields – April 2016

On 24 March 2016, the People’s Bank of China and the China Banking Regulatory Commission jointly issued Guidelines on Increasing Financial Support in New Consumption Fields (“Guidelines”), with immediate effect. The Guidelines encourage financial support and consumption in certain consumption fields

According to the Guidelines, more financial support should be given to elderly care, health care, green consumption, tourism, and information and the internet. Financial institutions are encouraged to increase lending to consumers and to explore internet and other methods to review, approve and grant loans to consumers. Also, financial institutions are encouraged to improve mechanisms for credit risk identification and credit risk control.

About HIL International Lawyers & Advisers

HIL International Lawyers & Advisers (HIL) is an international boutique law firm, having profound experience in transactions taken place through Europe and the Greater China Area. As the first Dutch firm to be granted a license from the Chinese Ministry of Justice to operate a foreign law firm branch, it currently has more than 16 years experience in China. The firm has a distinct international client base and practice. Our Shanghai and Beijing offices are specialized in Chinese law & practice in corporate and commercial law, as well as in franchise, employment, immigration, IP, tax, arbitration and litigation. Amongst our clients are leading companies in the field of food & agriculture, manufacturing, construction, IT, media, professional services and renewable energy. Our team consists of both Dutch and PRC qualified lawyers who each have an international and multidiscipline background. Due to our experience and international communication skills, we have a deep knowledge of the complexity caused by the differences in business cultures and local legal practice areas.
HIL has offices in Shanghai and Amsterdam, as well as a holding office in Beijing.